For many years artificial intelligence wasn’t producing many breakthroughs. However, in recent times AI has finally produced major success stories. AI has already changed the world and its impact won’t slow down anytime soon. AI is set to dramatically transform the global economy and to disrupt lifestyles around the world. Here’s a short list of ten major changes that are expected to come soon because of the AI revolution.
1. Increased Economic Productivity
AI machines are better at certain skills than humans and can get certain tasks done faster. This means that the productivity of labor, business and entire countries is expected to increase with the AI revolution. Given the slow growth rates of major countries in recent years, this is good news.
2. Increased Unemployment and Declining Pay
Because AI is set to automate certain skills, companies are expected to increasingly automate many positions leaving many workers with less work, less pay or even full unemployment.
3. More Time for what Humans are Good At
AI is expected to give humans more time for what we are good at; social leadership and creative skills are not expected to be automated. AI should free up our time for these types of skills.
4. Higher Levels of Inequality
There are significant gaps between different nations, companies and industries when it comes to AI readiness. Companies are expected to make a lot more money while hiring and paying workers less. All of these factors are expected to increase economic inequality between individuals and between countries.
5. Increased Predictive Maintenance
AI is good at making predictions. This means that tasks like medical diagnostics will increasingly be done by AI, while doctors will have more time for human interactions with patients.
6. Increased AI Related Jobs
More jobs than ever before will be using AI. For many occupations, only certain tasks will be automated. So, if you’re trying to prepare for the coming years of career life, you should start working together with AI.
7. More Partially Automated Occupations
According to Mckinsey & Co. research, about 30 percent of activities in 60 percent of all occupations could be automated; in contrast, in 5 percent of occupations nearly all activities are automatable. This means that working hours might be fewer with remaining hours being spent collaborating with AI.
8. Increased Security
AI drones will increasingly help us deal with emergency situations by delivering care packages or emergency responses to those in need.
9. Better Healthcare
AI is already better than human doctors at diagnosing certain illnesses; this means that AI should set up humanity for a healthier future.
10. Routine Jobs and Data Maximization Jobs are expected to be Automated
AI is good at routine tasks with stable and predictable environments. It is also good at using data for maximizing results. Jobs involving these tasks are expected to be automated soon.